Texas has become the first state to invest in crypto assets.

The state has purchased around $5 million worth of bitcoin through an exchange-traded fund. The move was made possible by Senate Bill 21, which gave the state comptroller the authority to create a publicly funded strategic cryptocurrency reserve. 

Trevor Bach, a North Texas business trends reporter for the Dallas Morning News, says the small investment reflects a belief in crypto’s potential for growth. Listen to the interview above or read the transcript below. 

This transcript has been edited lightly for clarity:

Texas Standard: Tell us about Senate Bill 21 and the strategic cryptocurrency reserve.

Trevor Bach: So this was a a bill that passed at this year’s…